JOURNAL OF ECONOMICS AND BUSINESS最新文献

The impact of environmental disclosure and controversies on bank value 环境信息披露与争议对银行价值的影响

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2024.106221

Simona Galletta , John W. Goodell , Sebastiano Mazzù , Andrea Paltrinieri

引用次数: 0

Is the market tougher with riskier banks? Evidence from the pricing of bank debt securities during a financial turmoil episode 市场对风险更高的银行更苛刻吗？来自金融动荡时期银行债券定价的证据

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2024.106223

Adrian Pop, Diana Pop

{"title":"Is the market tougher with riskier banks? Evidence from the pricing of bank debt securities during a financial turmoil episode","authors":"Adrian Pop, Diana Pop","doi":"10.1016/j.jeconbus.2024.106223","DOIUrl":"10.1016/j.jeconbus.2024.106223","url":null,"abstract":"<div><div>The philosophy behind the indirect channel of market discipline in banking regulation presumes that the pricing of bank securities, if accurate, conveys reliable signals to supervisors. In this paper, we explore empirically the possibility that markets price <em>differently</em> the risk profile of bank issuers along the empirical distribution of security prices. The paper uses a quantile regression framework to draw novel inferences about the functioning of debt market discipline and the quality of private monitoring in European banking during a severe financial turmoil episode: 1995--2002. This period is characterized by large swings in yields due to the Russian default and LTCM crisis, the burst of the dot-com bubble, and Enron’s failure. We find that the yield spread-risk relationship is systematically <em>steeper</em> at the “right-tail” of the conditional distribution of the credit spread. This result suggests that the market is somewhat “tougher” with riskier banks; that is, riskier bank issuers borrow at higher interest rates, which are increasing in their degree of riskiness.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"134 ","pages":"Article 106223"},"PeriodicalIF":3.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144138917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does inefficiency of judicial system matter on financial development-entrepreneurship nexus? New evidence on the worldwide level 司法制度效率低下是否影响金融发展与创业关系？世界范围内的新证据

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2024.106219

Cristian Barra

{"title":"Does inefficiency of judicial system matter on financial development-entrepreneurship nexus? New evidence on the worldwide level","authors":"Cristian Barra","doi":"10.1016/j.jeconbus.2024.106219","DOIUrl":"10.1016/j.jeconbus.2024.106219","url":null,"abstract":"<div><div>This study seeks to answer three critical research questions: Does financial development aid in the establishment of new businesses? Is diversity in banking crucial for financial development and entrepreneurship? Does the link between financial development and entrepreneurship suffer from inefficiency of judicial system? We employ a worldwide heterogeneous unbalanced sample consisting of 60 countries (developed and developing) from 2006 to 2021, considering information about two key types of financial intermediaries: commercial and cooperative. Based on two distinct estimators (FEGLS and FEIVH), the empirical evidence confirms the critical role of financial intermediaries in fostering entrepreneurship, with commercial bank branches having a higher intensity. Furthermore, the inefficiency of the judicial system is found to be a crucial factor in mitigating the link under scrutiny. In other words, in a country with a dysfunctional judicial system, the financial system limits loan grants for general investments, resulting in a decrease in entrepreneurship. To put it another way, financial development helps to foster the establishment of new businesses in countries with more efficient judicial systems. A battery of sensitivity analyses back up our empirical predictions, shedding light on the importance of policy implications that may be implemented to ensure the evolution of the entrepreneurial fabric while also fueling a heated debate over the vital role of both financial and judicial systems.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"134 ","pages":"Article 106219"},"PeriodicalIF":3.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144138832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Financial literacy and sustainable finance decisions among Italian households 意大利家庭的金融知识和可持续金融决策

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2024.106220

Edoardo Lanciano , Daniele Previati , Ornella Ricci , Gianluca Santilli

引用次数: 0

Legal effectiveness and external capital: The role of foreign debt 法律效力与外部资本：外债的作用

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2025.106244

George Allayannis , Gregory W. Brown , Leora F. Klapper

引用次数: 0

Impacts of FinTech funding announcements on traditional banks: An event study analysis 金融科技融资公告对传统银行的影响：事件研究分析

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106231

Nicola Del Sarto , Irene Comeig Ramirez , Lorenzo Gai

引用次数: 0

Is bitcoin an inflation hedge? 比特币是对冲通胀的工具吗？

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106218

Harold Rodriguez, Jefferson Colombo

{"title":"Is bitcoin an inflation hedge?","authors":"Harold Rodriguez, Jefferson Colombo","doi":"10.1016/j.jeconbus.2024.106218","DOIUrl":"10.1016/j.jeconbus.2024.106218","url":null,"abstract":"<div><div>Spot bitcoin ETFs have been recently approved in the U.S., increasing retail and institutional investors’ attention to crypto. To contribute to the debate on whether bitcoin protects against inflation, we analyze the effect of inflation shocks on bitcoin returns through the estimation and inference of Vector Autoregressive Models (VARs), identifying inflation shocks as surprises in the U.S.’s CPI and Core PCE announcements. Based on monthly data between August 2010 and January 2023, the results indicate that bitcoin returns increase significantly after a positive inflationary shock, corroborating empirical evidence that bitcoin can act as an inflation hedge. However, we observe that bitcoin’s inflationary hedging property is sensitive to the price index – it only holds for CPI shocks – and to the period of analysis – the hedging property stems primarily from sample periods before the increasing institutional adoption of BTC (“early days”). Notably, the inflation hedge property of bitcoin (Gold) has disappeared (strengthened) from the COVID-19 outbreak onwards. We conclude that bitcoin’s inflation-hedging property is context-specific and likely diminishes as it achieves broader adoption and becomes more integrated into mainstream financial markets.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106218"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143452785","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Editorial – Digital finance transforming the financial landscape 社论-数字金融正在改变金融格局

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2025.106234

Rafael Schiozer

引用次数: 0

Market behaviors around bankruptcy and frozen funds withdrawal: Trading stranded assets on FTX 破产和冻结资金提取的市场行为：在FTX上交易搁浅资产

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106196

Luca Galati , Alexander Webb , Robert I. Webb

{"title":"Market behaviors around bankruptcy and frozen funds withdrawal: Trading stranded assets on FTX","authors":"Luca Galati , Alexander Webb , Robert I. Webb","doi":"10.1016/j.jeconbus.2024.106196","DOIUrl":"10.1016/j.jeconbus.2024.106196","url":null,"abstract":"<div><div>How do cryptocurrency markets react when an exchange allows trading but freezes withdrawals? This study examines the impact of liquidity funding shocks on the market liquidity of cryptocurrency markets and traders’ behavior. We examine this issue using a natural experiment in major cryptocurrencies when the FTX exchange, while about to file for bankruptcy, prohibited most investors from withdrawing assets held by the exchange while allowing trading to continue. By using proprietary tick-by-tick data, we test price divergence between FTX and Binance and perform t-tests on the difference in magnitude of liquidity measures between the pre- and post-withdrawal halt periods. We find that a substantial amount of trading on FTX occurred during this stranded asset period, even though liquidity deteriorated as the bid-ask spread and implicit transaction costs increased sharply. We further find traders engaging in a revealing flight to safety by moving their investments in stablecoin Tether or even exiting the market. These findings not only shed light on the resilience of cryptocurrency markets in the face of liquidity crises but also offer insights into the mechanisms traders employ to navigate such tumultuous periods.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106196"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143453531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How does digital financial inclusion affect households’ CO2? Micro-evidence from an emerging country 数字普惠金融如何影响家庭的二氧化碳排放？来自新兴国家的微观证据

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106222

Yao Li

{"title":"How does digital financial inclusion affect households’ CO2? Micro-evidence from an emerging country","authors":"Yao Li","doi":"10.1016/j.jeconbus.2024.106222","DOIUrl":"10.1016/j.jeconbus.2024.106222","url":null,"abstract":"<div><div>This paper examines, at the micro-level, the relationship between digital financial inclusion and households’ CO<sub>2</sub> emissions, aiming to investigate the connection between financial inclusion and the environment. Exploiting a unique survey panel dataset of 13,624 Chinese households, I find that digital financial inclusion can increase households’ CO<sub>2</sub> emissions, and this result is applicable to other emerging countries. Further analysis based on the mediation model sheds light on how digital financial inclusion influences direct and indirect households’ CO<sub>2</sub> emissions, respectively. Specifically, digital financial inclusion encourages non-renewable energy consumption, thereby increasing households’ direct CO<sub>2</sub> emissions. Simultaneously, it promotes subsistence and development consumption upgrades, contributing to increased households’ indirect CO<sub>2</sub> emissions. Moreover, the study reveals that the impact of digital financial inclusion is heterogeneous. The environmental deterioration effect of digital financial inclusion is mainly driven by the actual uses of different services. As digital financial inclusion develops, its environmental detriment intensifies. Also, in cities where the Carbon Trade Policy (CTP) is implemented, digital financial inclusion can significantly reduce CO<sub>2</sub> emissions. Overall, the findings have several implications for addressing environmental problems in developing countries.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106222"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143452780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0